Open your door to former employees.

"Boomerangs," "rehires," and "retreads" are names given to firm alumni who resign from a firm and are later welcomed back. Many firms reap the benefits of maintaining contact with former employees through an organized approach to developing and supporting a network.

Recruiting employees will probably continue to be an urgent task as the demand grows for experienced CPAs in both public accounting firms and corporations. According to the Des Moines Business Record Online, the need among CPA firms and corporations is "particularly for experienced CPAs with between three and seven years of experience."

For many CPA firms, one successful approach to recruiting has been to network with former employees. This approach to keeping in touch bolsters staff recruitment, given that many former employees choose to return to their former employers for various reasons. It also helps firms reap the benefits of using alumni to recommend prospective employees and provide leads to prospective clients.

Alumni networks may be formal and highly structured, or they may simply rely on casual personal contacts. Many alumni networks have been formed by or for former employees of companies. The larger the company, the more likely that its alumni network support will be very structured. About 2,500 Microsoft employees, for example, comprise the Microsoft Alumni Network. For a $100 annual fee, member benefits include a directory of members' addresses and activities and live events on topics such as raising money to start a business.

Among CPA firms, Grant Thornton launched an Alumni Network site last November. The network (http://alumni.grantthornton.com) is a resource for Grant Thornton alumni throughout the United States. "Our people--both past and present--are our most important asset," says Shelley Stein, Grant Thornton's U.S. managing partner of client services. "And, fostering lifelong relationships with our people is an integral part of the firm's culture."

Once logged onto the site, alumni can:

* Contact former coworkers.

* Search for jobs and business opportunities.

* Find information about upcoming alumni events.

* Read about what's new at Grant Thornton.

Smaller firm opportunities

Predictably, most large CPA firms have formed alumni networks that meet digitally and at scheduled events. Firms of any size can use the Web resources available to help firms establish a Web site (see "Organizing an Online Alumni Network" on page 2). One drawback about online...